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Baldwin completes $100 million acquisition of Hippo's homebuilder distribution network
Hippo Holdings Inc. Common Stock +1.40%
The Baldwin Insurance Group, Inc. - Class A Common Stock +3.35%
Dow Jones Industrial Average -0.51%
S&P 500 index -1.07%
NASDAQ -1.69%
Hippo Holdings Inc. Common Stock HIPO | 31.07 | +1.40% |
The Baldwin Insurance Group, Inc. - Class A Common Stock BWIN | 24.08 | +3.35% |
Dow Jones Industrial Average DJI | 48458.05 | -0.51% |
S&P 500 index SPX | 6827.41 | -1.07% |
NASDAQ IXIC | 23195.17 | -1.69% |
By Isha Marathe
July 2 - (The Insurer) - The Baldwin Group's indirect subsidiary, Westwood Insurance Agency, has completed the$100 million acquisition of a homebuilder distribution network from Hippo Holdings.
As previously reported, Westwood Insurance Agency had agreed in June to buy Hippo’s homebuilder distribution network, which generated revenues of around $29.2 million and is expected to deliver approximately $7 million of adjusted EBITDA over the 12 months following close.
Separately, Millennial Specialty Insurance (MSI), Baldwin Group's MGA, entered a program administrator agreement and a claims administration agreement with an affiliate of Hippo on a new homebuilder program.
